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The Senate was unable to reach the 60-vote threshold to override a Republican filibuster on the nomination of Richard Cordray to be the first director of the Consumer Financial Protection Bureau in a 53 to 45 vote Thursday morning, with one Senator voting 'present.'

The White House launched an all-out blitz to get Cordray confirmed, targeting key Senators in their home states with media calls and interviews — but that wasn't enough.

Republicans say the agency lacks sufficient congressional oversight — particularly over how it spends its annual budget — and many are fundamentally opposed to an agency that will serve as a regulator for banks and other financial institutions.

The vote stands to become an issue in the 2012 campaign, with the White House making the push for the consumer protection agency a central component of its "fair shot" message. Obama has said that without a director the agency cannot effective carry out it's mission — which Republicans say is precisely the point.

Obama will make a statement on "Republican obstruction of Richard Cordray’s nomination to head the CFPB" at 11:30 this morning, the White House announced.